Professional Web3 multisig platform UBD Network introduces a simplified, secure, and decentralized way to manage digital assets, transfer inheritance, and foster teamwork with DeTrusts.
UBD Network's DeTrust Protocol addresses the caveats of traditional trusts, such as high fees, lengthy processing times, regulatory hurdles, extensive paperwork, and restricted control over assets. As part of a self-custodial solution, users can manage their crypto estates, collaborate with their teams efficiently, and pass on digital inheritance to heirs with peace of mind and on their own terms.
With an estimated over $3.1 billion ETH considered lost forever, DeTrusts safeguard users' investments even in the case of forgotten seed phrases and lost private keys, which would otherwise spell disaster for their digital wealth.
Simplified Transfer of Inheritance
One of the core use cases of the DeTrust Protocol is passing on inheritance to heirs in a safe, efficient, and straightforward way.
This comes into great contrast with the traditional inheritance system, where the inability to deal with digital wealth’s nuances can cause losses and unnecessary complexities for heirs.
According to Owner.One survey of high-net-worth families, while 48% of capital founders believe that their family won’t be able to take possession of capital and assets, only 6% have established or are in the process of drafting a wealth transfer plan and a personal capital inheritance strategy. Furthermore, the transition from fiat to crypto and back results in a disruption of ownership continuity in 91% of the cases, with 87% of the respondents not knowing that it is impossible to recover digital assets if the basic data related to the instrument is lost.
According to UBD Network, heirs' irresponsible spending is a primary concern for many when planning their estate. In fact, the participants of a survey saved roughly half of all the inherited funds and spent or lost the other half in investments.
UBD Network argues that traditional inheritance mechanisms are behind this issue, as they provide beneficiaries with unrestricted access to wealth. Consequently, reckless spending and the mismanagement of the funds can lead to the estate's rapid depletion.
DeTrusts aim to tackle this challenge by allowing granters to set certain terms for inheritance, which are enforced by smart contracts. By tying payouts to predetermined conditions like reaching a specific age or educational milestones, they can protect their wealth from being squandered while incentivizing heirs to meet positive life goals.
Decentralized trusts can also prevent family conflicts, disputes between heirs, and legal battles that could diminish the estate's value and poison relationships with relatives. With smart contracts, DeTrusts allocate assets precisely and unambiguously based on the granter's wishes, ensuring a fair and conflict-free distribution of the wealth.
Protecting Crypto Assets From Loss
The DeTrust protocol is powered by multisig technology. Requiring at least two private keys to sign transactions eliminates single points of failure and reduces the chances of unauthorized access to users' funds.
Unlike traditional trusts or custodial wallet solutions, DeTrust doesn't rely on financial intermediaries or third parties to manage owners' funds. Instead, users can create new trust contracts or modify existing ones without depending on anyone else. This allows them to adapt more efficiently to situations like inheritance and long-term asset management.
As an additional safety measure, the DeTrust system automatically shifts to a backup wallet set up by the user when it detects no activity with the funds in the wallet for multiple months. This strategy enables the swift recovery of digital assets in case of lost private keys and forgotten seed phrases.
While they keep funds secure, DeTrusts empower users to earn consistent monthly returns via external yield services like Lido, Aave, and Compound integrated into UBD Network's platform. Another way to generate revenue from crypto wealth is by staking the native United Blockchain Dollar stablecoin, which offers up to 10.5% APY.
Enhanced Teamwork for Project Teams
Distributed teams, non-profits, and decentralized autonomous organizations (DAOs) can also tap into the DeTrust protocol’s multisig technology to manage their finances efficiently and securely.
By collectively managing the wallet, businesses can ensure that no single person has control over the project’s digital assets. This way, they can make it more challenging to misappropriate funds while preventing a loss of funds in many cases, such as when the team member in charge of the wallet loses his private key.
Multisig tech also enhances transparency by enabling teams to introduce checks and balances into their operational workflows. At the same time, organizations can take advantage of DeTrusts to avoid human mistakes and unauthorized transactions by hackers or fraudsters.
Consensus is critical not only in blockchain networks but also among organizational stakeholders, and a multisig wallet can be the perfect tool to ensure that everyone in a DAO or the project team agrees on important transactions. In case of a disagreement, it works as an additional level of conflict resolution by incentivizing members to settle their disputes before the transaction is executed.
An Efficient Alternative to Traditional Trusts
Trusts play a crucial role in protecting and preserving owners' assets. However, UBD Network argues that their traditional forms are "used primarily by wealthy people" and are "ensnared in intricate regulatory frameworks, necessitating arduous and time-consuming navigation."
According to the project, conventional trusts not only restrict owners' control over their wealth but may also expose them to various vulnerabilities. Examples include the denial of inheritance, the divulgence of private information, and asset deprivation following tax audits.
In terms of fees, users pay at least $50,000 to create a traditional trust and $25,000 to edit its conditions, with the monthly maintenance fee starting from $500. UBD network's DeTrusts are available for a fraction of these expenses, costing only 500 $UBD to launch a new one, another 500 $UBD to alter the parameters, and 20 $UBD per month to operate it. Moreover, it takes only 15 minutes to create a decentralized trust or edit existing conditions without any paperwork.
"We crave to build DeTrusts for asset protection, storage, and inheritance since today's classical trusts exist with some limitations and complexities," UBD Network stated, adding that it is "keen to upgrade this financial instrument, using blockchain technology."
According to UBD Network, multisig-powered DeTrusts represent evolved versions of cryptocurrency wallets. The project argues that it can replace both cold storage products and hot wallets like Metamask and Trust Wallet with a more resilient and reliable solution.
“As a multisig wallet, the task of DeTrusts is to provide all the possibilities for managing crypto at a professional level, in one place, but within the framework of a convenient, user-friendly interface,” the project stated. “It is a professional Swiss Army knife for advanced users, but it’s also sufficiently convenient and understandable for the average, not super sophisticated cryptocurrency user.”
